Bitcoin Price Consolidates: Here's What's On Today
In last night's bitcoin price watch piece, we highlighted the levels that we would be keeping an eye on throughout the Asian session. We suggested that - as a response to the considerable volatility we had seen over the last week or so - risk management should be the driving force behind our strategies. In other words, we needed to ensure that none of our entries had less than a two to one risk reward ratio, and further, that our stops were well enough placed to give us an out in the event that we returned to trade within range on a bias reversal. So, wit hthis said - here are the levels....
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It's been a few hours since we published the first of today's bitcoin price watch pieces, and after the crazy action we saw in the overnight session last night, things have normalized somewhat during today's European session. We traded to lows just ahead of 364 earlier this morning, having reached 500 flat a day earlier. During todays session, however, we have recovered some of the losses and now trade at or around 400 flat - a level that is likely going to have some significance from a psychological perspective going forward. With this said, what are the levels we are looking to trade....
The price of bitcoin dropped around 8% during the last seven days, but prices started to improve during Friday’s mid-afternoon trading sessions. Today, bitcoin is swapping for prices between $54,400 to $54,800 per unit and commands a $1.02 trillion market valuation. The overall market capitalization of all 8,500+ coins in existence is around $1.59 trillion on Saturday morning. Bitcoin (BTC) prices have seen some improvements after the price slid from $57,207 to a low of $50,360 on Thursday. BTC is up today over 3%, but down 5% for the week on March 27, 2021. Bitcoin dominance among....
The bitcoin price chart has been whip-sawing as buyers eagerly anticipate the next advance, while profit-takers capitulate on each approach of $780 (Bitstamp). Technical analysis finds a repeating pattern and its potential outcome. The 1hr candle Bitfinex chart illustrates the dynamic of price consolidation and MACD compression. MACD compression is evident from its Bollinger Bands. As annotated in the chart, the Bollinger Bands contract around MACD as price consolidates into a narrowing range. Although MACD tends towards its zero line during price consolidation (decreasing volatility), we....
Altcoins have been rocketing higher today as Bitcoin consolidates. This is the first time that altcoins have shown any signs of following in Bitcoin’s footsteps, as the benchmark cryptocurrency has been sucking all the oxygen out of the market over the past few days. Today’s altcoin market rally was likely spurred by Ethereum catching an […]
In this morning's bitcoin price analysis, we noted that we would be bringing our intrarange strategy in to play for today's session. We widened out predefined range and planned to go long at support and short at resistance, with a stop loss just on the other side of our entry. Action has now matured throughout the European afternoon, and we are heading into a fresh Asian session shortly. In light of this, let's take a look at how our strategy fared, and set up our positions in anticipation of any volatility tonight. As always, check out the chart to get an idea of what we are watching. As....